WASHINGTON -- Rep. Dan Rostenkowski's long-awaited tax simplification bill, slated for introduction before the end of this month, may not be as beneficial to tax-exempt bonds as municipal issuers had hoped, congressional aides and lobbyists said yesterday.

Over the past year, Rep. Beryl Anthony, D-Ark., and the staffs of the House Ways and Means Committee and Joint Tax Committee had suggested a number of ways the municipal bond provisions of the Tax Reform Act of 1986 could be made simpler and more workable. When Mr. Rostenkowski, D-Ill., said earlier this year that he would introduce a simplification bill, issuers hoped the measure would incorporate many of those proposals.

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